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POLARIS ANNOUNCES FIRST QUARTER FINANCIAL RESULTS AND CONFERENCE CALL

VANCOUVER, June 14, 2011 /CNW/ - Polaris Minerals Corporation (TSX:PLS) today reported financial results
for the quarter ended March 31, 2011. All financial results are in US
dollars unless otherwise noted. These are the first accounts the
company has issued since transitioning to the International Financial
Reporting Standards (IFRS).

The net loss attributable to shareholders was $3.7 million ($0.07 loss
per share) in the quarter compared with a net loss of $6.0 million
($0.11 loss per share) in the comparative quarter last year. Sales of
$3.7 million in the first quarter were 24% less than the $4.9 million
recorded last year principally due to a 20% decrease in sales volume to
300,000 tons compared with 376,000 tons in 2010. This reduction in
sales simply reflected that in this winter quarter the Company had
ordered one less 80,000 ton shipment than in the prior year. At March
31, 2011, the Company had cash on hand of $2.6 million. The planned
disposal of a non‐core asset is now expected to close before the end of
June with net proceeds of $2.3 million.

Herb Wilson, President and CEO, commented: "This was the winter quarter
which is always the slowest in the year and we had planned a
conservative number of shipments for California. We were, however,
delighted to find that our customers' requirements during this period
exceeded the committed shipping capacity, resulting in terminal
inventory levels at the end of the quarter that were the lowest since
we began full operations. We are currently anticipating that demand for
Orca quarry products in northern California this year will be of the
order of 25-40% higher than in 2010, reflecting the commencement of
major new infrastructure projects. We are therefore adding an
appropriate number of shipments over the remainder of this year. Demand
in our other markets remains relatively unchanged as this economic
recession drags on."

He continued: "The Company's liquidity is a vital focus and we plan to
realize capital from the disposal of any non-core assets, the first of
which will soon be completed, to meet short term needs. This action is
in recognition of the fact that, although negotiations continue for the
sale of the Pier B freehold land in Long Beach, progress has been much
slower than anticipated. The transition to IFRS required substantial
additional work throughout the quarter and the results are clearly
explained in the financial statements."

This summary should be read in conjunction with the Company's March 31,
2011, Consolidated Financial Statements and Management's Discussion and
Analysis, both of which are available on www.sedar.com as well as the Company's website, www.polarmin.com.

Conference Call
The Company will host a conference call on Wednesday June 15, 2011 at
11:00 am Pacific Standard
Time. Details to access the call live are as follows:

Via telephone by calling 888‐231‐8191 in North America or 647‐427‐7450
internationally

The webcast will be archived for 90 days following the call at the above
noted link. The conference call
will also be recorded and available for replay at 2:00 pm PST and will
be available until June 29, 2011.
To access the replay, dial 1-800-642-1687 or 416-849-0833 and use access
code 75352923 to hear the
recording.

Polaris Minerals Corporation is exclusively focused on the development of quarries and the
production
of construction aggregates in British Columbia for marine transport to
urban markets on the Pacific
coasts of North America to meet growing local supply deficits. In 2007,
Polaris began shipping sand and
gravel from the Orca Quarry to San Francisco Bay, Vancouver and Hawaii.

This press release contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities laws. These statements and information appear in this
document and include estimates, forecasts, information and statements
as to management's expectations with respect to, among other things the
future financial or operating performance of the Company, costs and
timing of the development of the construction aggregate quarry, the
timing and amount of estimated future production, costs of production,
capital and operating expenditures, requirements for additional
capital, government regulation of quarrying operations, environmental
risks, reclamation expenses, and title disputes. Often, but not always,
forward-looking statements and information can be identified by the use
of words such as "may", "will", "should", "plans", "expects",
"intends", "anticipates", "believes", "budget", and "scheduled" or the
negative thereof or variations thereon or similar terminology.
Forward‐looking statements and information are necessarily based upon a
number of estimates and assumptions that, while considered reasonable
by management, are inherently subject to significant business, economic
and competitive uncertainties and contingencies. Readers are cautioned
that any such forward‐looking statements and information are not
guarantees and there can be no assurance that such statements and
information will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed under the
heading "Risks and Uncertainties" in the Company's Annual Report and
under the heading "Risk Factors" in the Company's Annual Information
Form (AIF) in respect of its financial year-ended December 31, 2009,
both of which are filed with Canadian regulators on SEDAR (www.sedar.com). The Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements and information whether as a
result of new information, future events or otherwise. All written and
oral forward-looking statements and information attributable to us or
persons acting on our behalf are expressly qualified in their entirety
by the foregoing cautionary statements.